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InsurTech

CRM + CEM

A combined Customer Retention Management (CRM) and Customer Experience Map (CEM) streamlined operations and boosted efficiency across departments which increased conversion rates and revenue growth.

 
 

Overview

 

Our insurtech startup needed to attract more visitors, retain customers, and reduce cart abandonment. Even after successful branding and launching a direct-to-consumer site, we lacked clarity in our approach as we weren’t able to reach the success we wanted to achieve.

As Director of Growth, I combined insights from our Customer Relationship Management (CRM) and into a Customer Experience Map (CEM) to comprehend our users' behavior and their journey within our product and services. This approach helped identify gaps and opportunities within our system.

Using this combined method provided us with insights, and we refined our marketing efforts, including retargeting campaigns, optimized our website, and personalized our communication, and pricing strategies to engage users better. This led to improvements in site visits, cart abandonment, and customer retention, positioning our business for success.

 
 
 

Objective

 

Investigate and understand the current state of the business to effectively drive site visits, reduce cart abandonment rates, and increase subscription acquisition and retention for our insurtech startup.

 
 
 

Problem Statement

 

We needed to attract more visitors, retain customers, and reduce cart abandonment. Despite successful branding efforts, there was a lack of clarity in driving effective site visits and addressing increasing concerns about abandoned carts.

 
 
 
 
 

Methodology

As Director of Growth, I led efforts to improve our insurtech startup's performance by addressing key issues identified in a map I developed combining both CRM and CEM.

In collaboration with cross-functional teams, we successfully addressed critical pain points within our current system, paving the way for enhanced customer satisfaction, improved user experience, and sustainable growth for our insurtech startup.

I facilitated an hour workshop with stakeholders i.e. Head of Business Development, Business Analyst, Head of Marketing, and Engineer Lead. With their insights, I was able to map out a comprehensive customer journey from beginning to end.

 

CRM mapping

 

Gaps + Opportunities

Through my leadership, we successfully tackled critical issues, leading to improved customer satisfaction and sustained growth for our business.

By mapping a customer journey from beginning to end, allowed us to see where the pain points occur, and adding an “Opportunities” swimlane helped us to think through solutions.

  1. Quote Generator and Brand Integration:

    • Recognized problems with the outdated quote generator were inefficient and misaligned with our new brand, causing a disjointed user experience.

    • Allowed us to update the quote generator to align with our new brand, ensuring a seamless and user-friendly experience.

  2. Payment System Integration:

    • Identified the need to integrate the payment system with our new brand to avoid user frustration.

    • We thought through an integration process to ensure a smooth transition and hassle-free payment experience, which included Pay-Pal and digital wallets which helped with mobile purchasers.

  3. Dashboard Enhancement:

    • Addressed challenges with the current dashboard's navigation, impacting customer satisfaction.

    • This led to efforts from the Product Design team to redesign the dashboard for better usability and accessibility, improving the overall customer experience.

  4. Customer Communication and Clarity:

    • Responded to complaints about unclear plan coverage and payment reminders.

    • The marketing team implemented strategies to improve communication with customers, providing clear updates on plan coverage and payment procedures.

  5. Customer Complaint Management:

    • Resolved issues with out-of-network coverage and reimbursement processes, minimizing customer frustration.

    • This introduced solutions to streamline reimbursement and enhance transparency around coverage policies.

 
 
 
 
 
 
 
 

Immediate Impact

  • Aligned Stakeholders with Business Goals:

    - Helped stakeholders (Partnerships, COO, Marketing) identify gaps, pain points, and opportunities.


  • Teams gained clarity and focus: 

    - Mapping stages inspired teams on how to approach types of Awareness, Consideration, Conversion, and Loyalty which inspired them to plan for i.e. streamlining the customer lifecycle and examining our customer service.


    - Copywriter crafted thought-provoking campaigns for social media taglines and emails.

  • Increased:

    - Site visits by 2.7%, from Social Media engagement 2.2%, Email campaigns 2.3%. Leading conversion rate up to 2%.

 
 
 
 

Conclusion + Learnings

 

By conducting a workshop with stakeholders and integrating insights from our CRM into a comprehensive Customer Experience Map, the organization identified gaps and pain points in various aspects of its operations, including marketing campaigns, website user experience, payment processes, and customer communication. This enabled the organization to develop targeted strategies to address these issues, ultimately resulting in improvements in customer satisfaction, site visibility, user experience, and overall business performance.